Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 05, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SYBX | |
Entity Registrant Name | SYNLOGIC, INC. | |
Security Exchange Name | NASDAQ | |
Entity Central Index Key | 0001527599 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Entity Common Stock, Shares Outstanding | 70,250,681 | |
Entity Address, State or Province | MA | |
Entity File Number | 001-37566 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-1824804 | |
Entity Address, Address Line One | 301 Binney St. | |
Entity Address, Address Line Two | Suite 402 | |
Entity Address, City or Town | Cambridge | |
Entity Address, Postal Zip Code | 02142 | |
City Area Code | 617 | |
Local Phone Number | 401-9975 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 20,851 | $ 16,438 |
Short-term marketable securities | 99,667 | 112,150 |
Prepaid expenses and other current assets | 3,900 | 4,721 |
Total current assets | 124,418 | 133,309 |
Long-term marketable securities | 8,041 | |
Property and equipment, net | 9,082 | 9,088 |
Right of use asset - operating lease | 14,893 | 13,889 |
Restricted cash | 1,097 | 1,097 |
Prepaid research and development, net of current portion | 9,797 | 9,309 |
Other assets | 22 | 3 |
Total assets | 159,309 | 174,736 |
Current liabilities: | ||
Accounts payable | 2,409 | 1,944 |
Accrued expenses | 2,668 | 4,402 |
Deferred revenue | 314 | 531 |
Lease liability - operating lease | 4,261 | 3,191 |
Finance lease obligations | 12 | 12 |
Total current liabilities | 9,664 | 10,080 |
Long-term liabilities: | ||
Lease liability - operating lease, net of current portion | 17,336 | 17,372 |
Finance lease obligations, net of current portion | 15 | 18 |
Total long-term liabilities | 17,351 | 17,390 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity | ||
Common stock, $0.001 par value 250,000,000 shares authorized as of March 31, 2022 and December 31, 2021. 70,267,586 shares issued and outstanding as of March 31, 2022 and 69,698,844 shares issued and outstanding as of December 31, 2021. | 70 | 70 |
Additional paid-in capital | 439,138 | 438,113 |
Accumulated other comprehensive loss | (345) | (45) |
Accumulated deficit | (306,569) | (290,872) |
Total stockholders' equity | 132,294 | 147,266 |
Total liabilities and stockholders' equity | $ 159,309 | $ 174,736 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 250,000,000 | 250,000,000 |
Common stock, Issued | 70,267,586 | 69,698,844 |
Common stock, outstanding | 70,267,586 | 69,698,844 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 244 | |
Operating expenses: | ||
Research and development | 11,738 | $ 11,180 |
General and administrative | 4,271 | 3,851 |
Total operating expenses | 16,009 | 15,031 |
Loss from operations | (15,765) | (15,031) |
Other income (expense): | ||
Interest and investment income | 67 | 60 |
Interest expense | (1) | |
Other income | 2 | |
Other income (expense), net | 68 | 60 |
Net loss | $ (15,697) | $ (14,971) |
Net loss per share - basic and diluted | $ (0.22) | $ (0.36) |
Weighted-average common stock outstanding - basic and diluted | 71,969,007 | 41,545,050 |
Comprehensive loss: | ||
Net loss | $ (15,697) | $ (14,971) |
Net unrealized (loss) gain on marketable securities | (300) | (9) |
Comprehensive loss | $ (15,997) | $ (14,980) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | At-the-market Offering | Common Stock $0.001 Par Value | Common Stock $0.001 Par ValueAt-the-market Offering | Additional Paid-in Capital | Additional Paid-in CapitalAt-the-market Offering | Accumulated Deficit | Accumulated Deficit |
Balance at Dec. 31, 2020 | $ 115,135 | $ 38 | $ 345,394 | $ 14 | $ (230,311) | |||
Balance (in Shares) at Dec. 31, 2020 | 38,183,273 | |||||||
Proceeds from issuance of common stock, net of issuance costs | $ 8,050 | $ 3 | $ 8,047 | |||||
Proceeds from issuance of common stock, net of issuance costs, Shares | 2,447,211 | |||||||
Issuance of common stock under employee stock purchase plan | 33 | 33 | ||||||
Issuance of common stock under employee stock purchase plan, Shares | 19,061 | |||||||
Exercise of options, shares | 216 | |||||||
Issuance of restricted stock, shares | 242,454 | |||||||
Restricted stock awards withheld for payment of employees' withholding tax liability | (65) | (65) | ||||||
Restricted stock awards withheld for payment of employees' withholding tax liability, Shares | (15,970) | |||||||
Cancellation of restricted stock | (2,719) | |||||||
Equity-based compensation expense | 877 | 877 | ||||||
Unrealized gain (loss) on securities | (9) | (9) | ||||||
Net loss | (14,971) | (14,971) | ||||||
Balance at Mar. 31, 2021 | 109,050 | $ 41 | 354,286 | 5 | (245,282) | |||
Balance (in Shares) at Mar. 31, 2021 | 40,873,526 | |||||||
Balance at Dec. 31, 2021 | 147,266 | $ 70 | 438,113 | (45) | (290,872) | |||
Balance (in Shares) at Dec. 31, 2021 | 69,698,844 | |||||||
Issuance of common stock under employee stock purchase plan | 83 | 83 | ||||||
Issuance of common stock under employee stock purchase plan, Shares | 40,528 | |||||||
Exercise of options | 52 | 52 | ||||||
Exercise of options, shares | 30,622 | |||||||
Issuance of restricted stock, shares | 507,260 | |||||||
Cancellation of restricted stock | (9,668) | |||||||
Equity-based compensation expense | 890 | 890 | ||||||
Unrealized gain (loss) on securities | (300) | (300) | ||||||
Net loss | (15,697) | (15,697) | ||||||
Balance at Mar. 31, 2022 | $ 132,294 | $ 70 | $ 439,138 | $ (345) | $ (306,569) | |||
Balance (in Shares) at Mar. 31, 2022 | 70,267,586 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (15,697) | $ (14,971) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 601 | 626 |
Equity-based compensation expense | 890 | 877 |
Accretion/amortization of investment securities | (11) | 105 |
Change in carrying amount of operating lease right of use asset | 769 | 462 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 821 | (443) |
Prepaid research and development, net of current portion | (488) | 1,382 |
Accounts payable and accrued expenses | (1,387) | (1,408) |
Deferred revenue | (217) | |
Operating lease liabilities | (739) | (606) |
Other assets | (19) | |
Net cash used in operating activities | (15,477) | (13,976) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (12,121) | (27,091) |
Proceeds from maturity of marketable securities | 32,356 | 25,996 |
Proceeds from redemption of marketable securities | 1,270 | |
Purchases of property and equipment | (477) | (21) |
Net cash provided by investing activities | 19,758 | 154 |
Cash flows from financing activities: | ||
Payments on finance lease obligations | (3) | (1) |
Proceeds from employee stock purchases and exercise of stock options | 135 | 33 |
Payment of employee withholding taxes relating to restricted stock awards | (65) | |
Net cash provided by financing activities | 132 | 8,019 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 4,413 | (5,803) |
Cash, cash equivalents and restricted cash at beginning of period | 17,535 | 33,604 |
Cash, cash equivalents and restricted cash at end of period | 21,948 | 27,801 |
Supplemental disclosure of non-cash investing activities: | ||
Assets acquired under operating lease obligation | 1,773 | |
Property and equipment purchases included in accounts payable and accrued expenses | 118 | 3 |
Supplemental disclosure of non-cash financing activities: | ||
Issuance costs included in accounts payable and accrued expenses | 2 | |
Cash paid for interest | $ 1 | |
At-the-market Offering | ||
Cash flows from financing activities: | ||
Proceeds from issuance of common stock, net of issuance costs | $ 8,052 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | (1) Nature of Business Organization Synlogic, Inc., together with its wholly owned and consolidated subsidiaries (“Synlogic” or “the Company”), is a clinical-stage biopharmaceutical company applying synthetic biology to the discovery and development of Synthetic Biotics. Synthetic Biotics are generated from Synlogic’s proprietary platform, leveraging a reproducible, modular approach to the generation of novel drug candidates that perform or deliver critical therapeutic functions. Synthetic Biotics are designed to metabolize a toxic substance, compensate for missing or damaged metabolic pathways or deliver combinations of therapeutic factors. Synlogic’s goal is to discover, develop and ultimately commercialize Synthetic Biotics. Since incorporation, the Company has devoted substantially all of its efforts to the research and development of its product candidates. Risks and Uncertainties At March 31, 2022, the Company had approximately $120.5 million in cash, cash equivalents, and short-term marketable securities, $1.1 million of restricted cash and an accumulated deficit of approximately $306.6 million. Since its inception through March 31, 2022, the Company has primarily financed its operations through the issuance of preferred stock, units and warrants, the sale of its common stock, the collaborations with Roche and AbbVie, and cash received in the Merger (defined below). In the absence of positive cash flows from operations, the Company is highly dependent on its ability to find additional sources of funding in the form of debt or equity financing. Management believes that the Company has sufficient cash to fund its operations through at least twelve months from the issuance of these financial statements. As an early-stage company, the Company is subject to a number of risks common to other life science companies, including, but not limited to, raising additional capital, development by its competitors of new technological innovations, risk of failure in preclinical and clinical studies, safety and efficacy of its product candidates in clinical trials, the risk of relying on external parties such as contract research organizations (CROs) and contract manufacturing organizations (CMOs), the regulatory approval process, market acceptance of the Company’s products once approved, lack of marketing and sales history, dependence on key personnel and protection of proprietary technology. The Company’s therapeutic programs are currently pre-commercial, spanning discovery through early development and will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization of any product candidates. These efforts require significant amounts of additional capital, adequate personnel, infrastructure, and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate revenue from product sales. The Company may never achieve profitability, and unless and until it does, it will continue to need to raise additional capital or obtain financing from other sources, such as strategic collaborations or alliances. COVID-19 While the Company is not aware of a material impact from the continuation of the COVID-19 pandemic through March 31, 2022, the full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations, and financial condition, including expenses and manufacturing, clinical trials, and research and development costs, depends on future developments that are highly uncertain at this time. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | ( 2) Summary of Significant Accounting Policies The significant accounting policies described in the Company’s audited financial statements as of and for the year ended December 31, 2021, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission (SEC) on March 17, 2022 (the 2021 Annual Report), have had no material changes during the three months ended March 31, 2022. Basis of Presentation The accompanying consolidated financial statements and the related disclosures as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the SEC for interim financial statements. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim consolidated financial statements should be read in conjunction with the Company’s 2021 and 2020 audited consolidated financial statements and notes included in the 2021 Annual Report. The consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three months ended March 31, 2022 and 2021 . The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period or future year or period. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Synlogic and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Recently Issued Accounting Pronouncements New accounting pronouncements are issued by the FASB from time to time, and rules are issued by the SEC that the Company has or will adopt as of a specified date. Unless otherwise noted, management does not believe that any recently issued accounting pronouncements issued by the FASB or guidance issued by the SEC had, or is expected to have, a material impact on the Company’s present or future financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | ( 3 ) Fair Value of Financial Instruments The tables below present information about the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value, as described under Note 2 , Summary of Significant Accounting Policies, The Company’s investment portfolio includes many fixed income securities that do not always trade on a daily basis. As a result, the pricing services used by the Company applied other available information as applicable through processes such as benchmark yields, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. In addition, model processes were used to assess interest rate impact and develop prepayment scenarios. These models take into consideration relevant credit information, perceived market movements, sector news and economic events. The inputs into these models may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads and other relevant data. At March 31, 2022 and December 31, 2021, the Company has classified assets measured at fair value on a recurring basis as follows (in thousands): Fair Value Measurements at Reporting Date Using March 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2022 (Level 1) (Level 2) (Level 3) Money market funds $ 20,851 $ 20,851 $ — $ — Commercial paper 88,100 — 88,100 — Corporate debt securities 3,617 — 3,617 — U.S. government agency securities and treasuries 7,950 7,950 — — Total $ 120,518 $ 28,801 $ 91,717 $ — Fair Value Measurements at Reporting Date Using December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2021 (Level 1) (Level 2) (Level 3) Money market funds $ 16,437 $ 16,437 $ — $ — Commercial paper 106,277 — 106,277 — Corporate debt securities 5,873 — 5,873 — U.S. government agency securities and treasuries 8,041 8,041 — — Total $ 136,628 $ 24,478 $ 112,150 $ — Cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses at March 31, 2022 and December 31, 2021 are carried at amounts that approximate fair value due to their short-term maturities. Finance lease obligations at March 31, 2022 and December 31, 2021 approximate fair value as they bear interest at a rate approximating a market interest rate. |
Available-for-Sale Investments
Available-for-Sale Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Investments | ( 4 ) Available-for-Sale Investments The following tables summarize the available-for-sale securities held at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 88,342 $ — $ (242 ) $ 88,100 Corporate debt securities 3,620 — (3 ) 3,617 U.S. government agency securities and treasuries 8,050 — (100 ) 7,950 Total $ 100,012 $ — $ (345 ) $ 99,667 December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 106,298 $ 8 $ (29 ) $ 106,277 Corporate debt securities 5,876 — (3 ) 5,873 U.S. government agency securities and treasuries 8,062 — (21 ) 8,041 Total $ 120,236 $ 8 $ (53 ) $ 120,191 The contractual maturity of all securities held at March 31, 2022 was twelve months or less. There were 28 and 20 investments in an unrealized loss position at March 31, 2022 and December 31, 2021, respectively, none of which had been in an unrealized loss position for more than twelve months. The aggregate fair value of the securities in an unrealized loss position at March 31, 2022 and December 31, 2021 was $99.7 million and $72.2 million, respectively. The Company reviews its investments for other-than-temporary impairment whenever the fair value of an investment is less than amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. To determine whether an impairment is other-than-temporary, the Company considers whether it has the ability and intent to hold the investment until a market price recovery and considers whether evidence indicating the cost of the investment is recoverable outweighs evidence to the contrary. The Company did not hold any securities with an other-than-temporary impairment at March 31, 2022. Gross realized gains and losses on the sales of investments have not been material to the Company’s consolidated statement of operations. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | ( 5 ) Property and Equipment, net Property and equipment, net consists of the following (in thousands): March 31, December 31, 2022 2021 Laboratory equipment $ 8,600 $ 8,274 Computer and office equipment 795 756 Furniture and fixtures 500 500 Leasehold improvements 9,566 9,561 Construction in progress 848 623 20,309 19,714 Less accumulated depreciation (11,227 ) (10,626 ) Property and equipment, net $ 9,082 $ 9,088 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | ( 6 ) Accrued Expenses Accrued expenses consist of the following (in thousands): March 31, December 31, 2022 2021 Payroll related $ 1,546 $ 3,495 Professional fees 398 298 Research and development 450 336 Other 274 273 Total accrued expenses $ 2,668 $ 4,402 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | ( 7 ) Stockholders’ Equity In June 2019, the Company issued to Ginkgo Bioworks, Inc. (Ginkgo) an aggregate of 6,340,771 shares of common stock at a purchase price per share of $9.00, and pre-funded warrants (the Pre-Funded Warrants) to purchase an aggregate of 2,548,117 shares of common stock at an exercise price of $9.00 per share, with $8.99 of such exercise price paid at the closing of the offering. The net proceeds to the Company were approximately $79.9 million. No Collaboration Agreements Ginkgo Collaboration ). The Company had a previous sales agreement with Cowen and Company, LLC (Cowen) with respect to an at-the-market (ATM) offering program, which was entered into on October 13, 2017. In an ATM offering, exchange-listed companies incrementally sell newly issued shares into the secondary trading market through a designated broker-dealer at prevailing market prices. During the three months ended March 31, 2021, 2,447,211 shares of common stock were sold pursuant to the ATM, resulting in net proceeds of approximately $8.1 million. There were no sales pursuant to the Cowen ATM subsequent to March 31, 2021. In July 2021, the Company entered into a new sales agreement with Jefferies, LLC (Jefferies) with respect to an ATM, under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having aggregate sales proceeds of up to $50.0 million. Jefferies is not required to sell any specific amount but acts as the Company’s sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. During the three months ended March 31, 2022, no shares of common stock were sold pursuant to the sales agreement with Jefferies. The Company has reserved for future issuance the following shares of common stock related to the potential exercise of Pre-Funded Warrants, exercise of stock options, and the employee stock purchase plan: March 31, 2022 Common stock issuable under pre-funded warrants 2,548,117 Options exercisable to purchase common stock 2,279,425 Employee Stock Purchase Plan — Total 4,827,542 |
Equity-based Compensation
Equity-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-based Compensation | ( 8 ) Equity‑based Compensation On January 1, 2022, the number of shares of common stock available for issuance under the 2015 Equity Incentive Award Plan (the “2015 Plan”) and the 2015 Employee Stock Purchase Plan (“ESPP”) was increased by 3,484,942 shares and 696,988 shares, respectively, due to the annual evergreen provision to increase shares available under the 2015 Plan and the ESPP. As of March 31, 2022, there were an aggregate of 2,461,519 shares available for future grant under the 2017 Stock Incentive Plan (the 2017 Plan) and the 2015 Plan, and 1,341,301 shares available for future grant under the ESPP. The following table summarizes equity‑based compensation expense within the Company’s consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 375 $ 415 General and administrative 515 462 $ 890 $ 877 The following table summarizes equity‑based compensation expense by type of award for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Stock options $ 820 $ 699 Restricted stock awards 53 172 Employee stock purchase plan 17 6 $ 890 $ 877 During the three months ended March 31, 2022, the Company granted 2,342,899 stock options with a weighted average exercise price of $1.99. As of March 31, 2022, there was $7.5 million of unrecognized share-based compensation related to unvested stock option grants which is expected to be recognized over a weighted average period of 2.9 years. The total unrecognized share-based compensation cost will be adjusted for actual forfeitures as they occur. During the three months ended March 31, 2022, the Company granted 507,260 restricted stock awards with a weighted average grant date fair value per share of $1.97. As of March 31, 2022, there was approximately $1.6 million of unrecognized share-based compensation related to restricted stock awards granted, which is expected to be recognized over a weighted average period of 3.5 years. The total unrecognized share-based compensation cost will be adjusted for actual forfeitures as they occur. For a full description of the Company’s equity plans, refer to Note 9, Equity-based Compensation and Equity Incentive Plans in the 2021 Annual Report. |
Collaboration Agreements
Collaboration Agreements | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements | ( 9 ) Collaboration Agreements Roche Collaboration In June 2021, the Company entered into a Pilot Collaboration and Option Agreement (the Roche Collaboration and Option Agreement) with F. Hoffmann-La Roche Ltd (Roche Basel) and Hoffmann-La Roche Inc. (Roche US, and together with Roche Basel, Roche). Under the terms of the Roche Collaboration and Option Agreement, the Company and Roche will seek to collaborate to research and pre-clinically develop Synthetic Biotics for addressing an undisclosed novel target for the treatment of inflammatory bowel disease. The Company recognized $0.2 million for the three months ended March 31, 2022 as collaboration revenue in the Company’s consolidated statements of operations and comprehensive loss associated with the Roche Collaboration and Option Agreement. Deferred revenue from the collaboration amounted to $0.3 million as of March 31, 2022, all of which is included in current liabilities. For a full description of the Roche Collaboration and Option Agreement, refer to Note 10, Collaboration Agreements in the 2021 Annual Report. Ginkgo Collaboration In 2017, the Company established a technology collaboration with Ginkgo. In June 2019, the Company expanded its collaboration and entered into an agreement with Ginkgo for the research and development of engineered microbial therapeutic products (See Note 7). Under the 2019 expanded agreement, the Company made a prepayment to Ginkgo of $30.0 million for its foundry services that will be provided to the Company over an initial term of five years. The prepayment of foundry services is recorded in Prepaid expenses and other current assets and Prepaid research and development, net of current portion on the March 31, 2022 consolidated balance sheet. At March 31, 2022, the Company had remaining balances of $0.9 million and $9.8 million of current and non-current pre-paid research and development costs related to this transaction, respectively. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | ( 10 ) Net Loss per Share Basic net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the sum of the weighted-average number of shares of common stock outstanding during the period and if dilutive, the weighted-average number of potential shares of common stock, including unvested restricted common stock and outstanding stock options. In June 2019, the Company sold 6,340,771 shares of common stock and Pre-Funded Warrants to purchase an aggregate of 2,548,117 shares of common stock at an exercise price of $9.00 per share, with $8.99 of such exercise price paid at the closing of the offering (see Note 10 , Ginkgo Collaboration, The Company’s potentially dilutive shares, which include outstanding stock options, unvested restricted common stock and potential shares issuable under the ESPP, The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of the diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect. As of March 31, 2022 2021 Unvested restricted common stock awards 793,693 415,158 Outstanding options to purchase common stock 6,684,468 4,577,117 Potential shares issuable under the ESPP — — |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | ( 11 ) Commitments and Contingencies In the ordinary course of business, the Company may be subject to legal proceedings, claims and litigation as the Company operates in an industry susceptible to patent legal claims. The Company accounts for estimated losses with respect to legal proceedings and claims when such losses are probable and estimable. Legal costs associated with these matters are expensed when incurred. The Company is not currently a party to any material legal proceedings. The Company’s commitments are described in the Company’s consolidated financial statements as of and for the year ended December 31, 2021 and the notes thereto included in the Annual Report on Form 10-K filed with the SEC on March 17, 2022. On January 21, 2022, the Company entered into two Statements of Work with Azzur Group, LLC (Azzur). Pursuant to the first of the SOWs (the Third SOW), the Company has agreed to pay Azzur $650,000 to renovate and upgrade the cleanroom space at Azzur for the Company’s expanded use. The second of the SOWs (the Fourth SOW) replaces the Second SOW that the Company entered into with Azzur on April 29, 2021. The Fourth SOW extends the term of the lease, for the period beginning January 2022 through March 2023 (the Third Term). The Fourth SOW contains an option to extend the lease by a period of three months. The Company determined that it was more likely than not to exercise the option to extend the lease. The total estimated project cost during the Third Term, for access to, and use of, the renovated and upgraded cleanroom space at Azzur , and the personnel support and other services, is $ 3.1 million. The Third and Fourth SOWs resulted in an adjustment to the operating lease right-of-use asset and corresponding operating lease liabilities of $ 1.8 million. For a full description of the Azzur embedded lease, refer to Note 13, Leases in the 2021 Annual Report. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | (1 2 ) Related-Party Transactions In June 2019, the Company expanded its collaboration and entered into an agreement with Ginkgo for the research and development of engineered microbial therapeutic products. As of March 31, 2022, Ginkgo owns 6,340,771 shares of the Company’s outstanding common stock. See Note 10, Ginkgo Collaboration, in the audited financial statements included in the 2021 Annual Report. Under the agreement the Company made a prepayment to Ginkgo of $30.0 million for its foundry services that will be provided to the Company over an initial term of five years. At March 31, 2022, the Company had remaining balances of $0.9 million and $9.8 million of current and non-current pre-paid research and development costs related to this transaction, respectively. For the three months ended March 31, 2022, the Company used $0.5 million of the pre-paid research and development expenses. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements and the related disclosures as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and the rules and regulations of the SEC for interim financial statements. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim consolidated financial statements should be read in conjunction with the Company’s 2021 and 2020 audited consolidated financial statements and notes included in the 2021 Annual Report. The consolidated balance sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the three months ended March 31, 2022 and 2021 . The results of operations for the interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or any other interim period or future year or period. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Synlogic and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements New accounting pronouncements are issued by the FASB from time to time, and rules are issued by the SEC that the Company has or will adopt as of a specified date. Unless otherwise noted, management does not believe that any recently issued accounting pronouncements issued by the FASB or guidance issued by the SEC had, or is expected to have, a material impact on the Company’s present or future financial statements. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Company's Classified Assets Measured at Fair Value on Recurring Basis | At March 31, 2022 and December 31, 2021, the Company has classified assets measured at fair value on a recurring basis as follows (in thousands): Fair Value Measurements at Reporting Date Using March 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2022 (Level 1) (Level 2) (Level 3) Money market funds $ 20,851 $ 20,851 $ — $ — Commercial paper 88,100 — 88,100 — Corporate debt securities 3,617 — 3,617 — U.S. government agency securities and treasuries 7,950 7,950 — — Total $ 120,518 $ 28,801 $ 91,717 $ — Fair Value Measurements at Reporting Date Using December 31, Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Description 2021 (Level 1) (Level 2) (Level 3) Money market funds $ 16,437 $ 16,437 $ — $ — Commercial paper 106,277 — 106,277 — Corporate debt securities 5,873 — 5,873 — U.S. government agency securities and treasuries 8,041 8,041 — — Total $ 136,628 $ 24,478 $ 112,150 $ — |
Available-for-Sale Investments
Available-for-Sale Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities Held | The following tables summarize the available-for-sale securities held at March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 88,342 $ — $ (242 ) $ 88,100 Corporate debt securities 3,620 — (3 ) 3,617 U.S. government agency securities and treasuries 8,050 — (100 ) 7,950 Total $ 100,012 $ — $ (345 ) $ 99,667 December 31, 2021 Amortized cost Gross unrealized gains Gross unrealized losses Fair Value Commercial paper $ 106,298 $ 8 $ (29 ) $ 106,277 Corporate debt securities 5,876 — (3 ) 5,873 U.S. government agency securities and treasuries 8,062 — (21 ) 8,041 Total $ 120,236 $ 8 $ (53 ) $ 120,191 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): March 31, December 31, 2022 2021 Laboratory equipment $ 8,600 $ 8,274 Computer and office equipment 795 756 Furniture and fixtures 500 500 Leasehold improvements 9,566 9,561 Construction in progress 848 623 20,309 19,714 Less accumulated depreciation (11,227 ) (10,626 ) Property and equipment, net $ 9,082 $ 9,088 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): March 31, December 31, 2022 2021 Payroll related $ 1,546 $ 3,495 Professional fees 398 298 Research and development 450 336 Other 274 273 Total accrued expenses $ 2,668 $ 4,402 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Shares of Common Stock Reserved for Future Issuance | March 31, 2022 Common stock issuable under pre-funded warrants 2,548,117 Options exercisable to purchase common stock 2,279,425 Employee Stock Purchase Plan — Total 4,827,542 |
Equity-based Compensation (Tabl
Equity-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Equity-based Compensation Expenses | The following table summarizes equity‑based compensation expense within the Company’s consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Research and development $ 375 $ 415 General and administrative 515 462 $ 890 $ 877 |
Schedule of Equity-based Compensation Expenses by Award Type | The following table summarizes equity‑based compensation expense by type of award for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Stock options $ 820 $ 699 Restricted stock awards 53 172 Employee stock purchase plan 17 6 $ 890 $ 877 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Common Shares Excluded from Calculation of Net Loss Per share | The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of the diluted net loss per share attributable to common stockholders for the period indicated because including them would have had an anti-dilutive effect. As of March 31, 2022 2021 Unvested restricted common stock awards 793,693 415,158 Outstanding options to purchase common stock 6,684,468 4,577,117 Potential shares issuable under the ESPP — — |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Cash, cash equivalents, and short-term marketable securities | $ 120,500 | |
Restricted cash | 1,097 | $ 1,097 |
Accumulated deficit | $ 306,569 | $ 290,872 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Company's Classified Assets Measured at Fair Value on Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | $ 120,518 | $ 136,628 |
Money market funds | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 20,851 | 16,437 |
Commercial Paper | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 88,100 | 106,277 |
U.S. Government Agency Securities and Treasuries | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Short-term investments | 7,950 | 8,041 |
Corporate Debt Securities | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 3,617 | 5,873 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | 28,801 | 24,478 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 20,851 | 16,437 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government Agency Securities and Treasuries | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Short-term investments | 7,950 | 8,041 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | 91,717 | 112,150 |
Significant Other Observable Inputs (Level 2) | Commercial Paper | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 88,100 | 106,277 |
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 3,617 | 5,873 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Money market funds | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial Paper | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | 0 | 0 |
Significant Unobservable Inputs (Level 3) | U.S. Government Agency Securities and Treasuries | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate Debt Securities | ||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||
Cash and Cash Equivalents | $ 0 | $ 0 |
Available-for-Sale Investment_2
Available-for-Sale Investments - Summary of Available-for-Sale Securities Held (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 100,012 | $ 120,236 |
Gross unrealized gains | 8 | |
Gross unrealized losses | (345) | (53) |
Fair Value | 99,667 | 120,191 |
Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 88,342 | 106,298 |
Gross unrealized gains | 8 | |
Gross unrealized losses | (242) | (29) |
Fair Value | 88,100 | 106,277 |
Corporate Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 3,620 | 5,876 |
Gross unrealized losses | (3) | (3) |
Fair Value | 3,617 | 5,873 |
U.S. Government Agency Securities and Treasuries | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 8,050 | 8,062 |
Gross unrealized losses | (100) | (21) |
Fair Value | $ 7,950 | $ 8,041 |
Available-for-Sale Investment_3
Available-for-Sale Investments - Additional Information (Detail) $ in Millions | Mar. 31, 2022USD ($)InvestmentSecurity | Dec. 31, 2021USD ($)Investment |
Investments Debt And Equity Securities [Abstract] | ||
Number of investments in unrealized loss position | 28 | 20 |
Number of investments in unrealized loss position, more than twelve months | 0 | 0 |
Aggregate fair value of securities in unrealized loss position | $ | $ 99.7 | $ 72.2 |
Number of securities with other than temporary impairment | Security | 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 20,309 | $ 19,714 |
Less accumulated depreciation | (11,227) | (10,626) |
Property and equipment, net | 9,082 | 9,088 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8,600 | 8,274 |
Computer and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 795 | 756 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 500 | 500 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 9,566 | 9,561 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 848 | $ 623 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables And Accruals [Abstract] | ||
Payroll related | $ 1,546 | $ 3,495 |
Professional fees | 398 | 298 |
Research and development | 450 | 336 |
Other | 274 | 273 |
Total accrued expenses | $ 2,668 | $ 4,402 |
Stockholders Equity - Additiona
Stockholders Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jun. 30, 2019 | Mar. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2022 | |
Common Stock | |||||
Class Of Stock [Line Items] | |||||
Sale of common stock, shares | 6,340,771 | ||||
Pre-Funded Warrants | |||||
Class Of Stock [Line Items] | |||||
Warrants to purchase shares of common stock | 2,548,117 | ||||
Warrants exercise price per share | $ 9 | ||||
Warrants exercise price per share paid at closing of offering | 8.99 | ||||
Ginkgo Bioworks, Inc. | |||||
Class Of Stock [Line Items] | |||||
Sale of stock, price per share | $ 9 | ||||
Proceeds from issuance of common stock and pre-funded warrants | $ 79.9 | ||||
Ginkgo Bioworks, Inc. | Common Stock | |||||
Class Of Stock [Line Items] | |||||
Sale of common stock, shares | 6,340,771 | ||||
Ginkgo Bioworks, Inc. | Pre-Funded Warrants | |||||
Class Of Stock [Line Items] | |||||
Warrants to purchase shares of common stock | 2,548,117 | ||||
Warrants exercise price per share | $ 9 | ||||
Warrants exercise price per share paid at closing of offering | $ 8.99 | ||||
Warrants exercised | 0 | ||||
Cowen and Company, LLC | ATM | |||||
Class Of Stock [Line Items] | |||||
Sale of common stock, shares | 2,447,211 | 0 | |||
Proceeds from issuance of common stock, net of issuance costs | $ 8.1 | ||||
Jefferies, LLC | ATM | |||||
Class Of Stock [Line Items] | |||||
Sale of common stock, shares | 0 | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 50 |
Stockholders Equity - Schedule
Stockholders Equity - Schedule of Shares of Common Stock Reserved for Future Issuance (Detail) | Mar. 31, 2022shares |
Class Of Stock [Line Items] | |
Total Shares of Common Stock Reserved for Future Issuance | 4,827,542 |
Options Exercisable to Purchase Common Stock | |
Class Of Stock [Line Items] | |
Total Shares of Common Stock Reserved for Future Issuance | 2,279,425 |
Common Stock Issuable Under Pre-Funded Warrants | |
Class Of Stock [Line Items] | |
Total Shares of Common Stock Reserved for Future Issuance | 2,548,117 |
Equity-based Compensation - Add
Equity-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2022 | Mar. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock options granted | 2,342,899 | |
Weighted average exercise price | $ 1.99 | |
Employee unrecognized compensation expense | $ 7.5 | |
Employee unrecognized compensation cost, period of recognition | 2 years 10 months 24 days | |
Restricted Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee unrecognized compensation expense | $ 1.6 | |
Employee unrecognized compensation cost, period of recognition | 3 years 6 months | |
Number of restricted stock awards granted | 507,260 | |
Weighted average grant date fair value | $ 1.97 | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increase in number of shares available for issuance (in shares) | 696,988 | |
Shares available for future grants | 1,341,301 | |
Plan 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increase in number of shares available for issuance (in shares) | 3,484,942 | |
2017 Plan and 2015 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for future grants | 2,461,519 |
Equity-based Compensation - Sch
Equity-based Compensation - Schedule of Equity-based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Equity-based compensation expense | $ 890 | $ 877 |
Research and Development Expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Equity-based compensation expense | 375 | 415 |
General and Administrative Expense | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Equity-based compensation expense | $ 515 | $ 462 |
Equity-based Compensation - S_2
Equity-based Compensation - Schedule of Equity-based Compensation Expenses by Award Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Equity-based compensation expense | $ 890 | $ 877 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Equity-based compensation expense | 820 | 699 |
Restricted Stock Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Equity-based compensation expense | 53 | 172 |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Equity-based compensation expense | $ 17 | $ 6 |
Collaboration Agreements - Addi
Collaboration Agreements - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Recognition of revenue | $ 244 | ||
Current deferred revenue | 314 | $ 531 | |
Ginkgo Collaboration | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Prepayment to related party for collaboration agreement | $ 30,000 | ||
Related party transaction collaboration agreement, initial term | 5 years | ||
Current pre-paid research and development | 900 | ||
Non-current pre-paid research and development | 9,800 | ||
Roche Collaboration and Option Agreement | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Recognition of revenue | 200 | ||
Roche Collaboration and Option Agreement | Current Liabilities | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Current deferred revenue | $ 300 |
Net Loss per Share - Additional
Net Loss per Share - Additional Information (Detail) | 1 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Common Stock $0.001 Par Value | |
Number of shares sold | shares | 6,340,771 |
Pre-Funded Warrants | |
Warrants to purchase shares of common stock | shares | 2,548,117 |
Warrants exercise price per share | $ / shares | $ 9 |
Warrants exercise price per share paid at closing of offering | $ / shares | $ 8.99 |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Potentially Common Shares Excluded from Calculation of Net Loss Per share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unvested Restricted Common Stock Awards | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially Common Shares Excluded from Calculation of Net Loss Per share | 793,693 | 415,158 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially Common Shares Excluded from Calculation of Net Loss Per share | 6,684,468 | 4,577,117 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Jan. 21, 2022 | Dec. 31, 2021 | |
Gain Contingencies [Line Items] | |||
Right of use asset - operating lease | $ 14,893,000 | $ 13,889,000 | |
Azzur | |||
Gain Contingencies [Line Items] | |||
Agreed to pay to renovate and upgrade cleanroom space | $ 650,000 | ||
Estimated project cost for access personal support and other services | 3,100,000 | ||
Right of use asset - operating lease | $ 1,800,000 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Common stock, outstanding | 70,267,586 | 69,698,844 | |
Ginkgo Bioworks, Inc. | |||
Related Party Transaction [Line Items] | |||
Common stock, outstanding | 6,340,771 | ||
Prepayment to related party for collaboration agreement | $ 30 | ||
Related party transaction collaboration agreement, initial term | 5 years | ||
Current Pre-Paid Research and Development | $ 0.9 | ||
Non Current Pre-Paid Research and Development | 9.8 | ||
Prepaid research and development expenses | $ 0.5 |